Global Electric Vehicle Battery Market Size Expected to Reach $82.20 billion at CAGR of 6.6% by 2027
PALM BEACH, Fla., Nov. 23, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The global electric vehicle market has been growing in the past several years and is projected to continue at a high growth rate for years to come. EVs have multiple emission advantages over the traditional internal combustion engine vehicles. The former is capable of utilizing and developing renewable energy resources. They also don't emit harmful gases in the atmosphere. The global electric vehicle battery market is set to gain impetus from the increasing development of new battery chemistries for electric vehicles (EVs) worldwide. Nowadays, people are inclined towards lithium-nickel-manganese-cobalt-aluminum oxide (NMCA) composition as they provide higher energy density and longer life cycle. According to a report from Fortune Business Insights, global electric vehicle battery market size is projected to reach USD 82.20 billion at CAGR of 6.6% by 2027. The report said: "The rising number of awareness programs about rapid climate change is compelling the regulatory bodies to deploy strict norms and regulations on fuel economy. They are also nowadays promoting the development of EVs through multiple initiatives, such as providing incentives to manufacturers. However, the lack of charging infrastructure may hinder the usage of EVs in developing nations, further restraining the electric vehicle battery market growth in the coming years." Active EV stocks in news today include: Triad Pro Innovators, Inc. (OTCPK: TPII), NIO Inc. (NYSE: NIO), ChargePoint Holdings, Inc. (NYSE: CHPT), QuantumScape Corporation (NYSE: QS), Canoo (NASDAQ: GOEV).
Fortune Business continued: "Based on vehicle type, the battery electric vehicle (BEV) segment is set to hold the largest electric vehicle battery market share in 2019. This growth is attributable to the rising fuel economy regulations and quota systems implemented by the government agencies in the emerging economies. The market for electric vehicle batteries houses several renowned manufacturers, such as Panasonic, Samsung, BYD, and LG Chem. Some of them are participating in collaboration strategy to co-develop new products, while the others are aiming to launch innovative electric vehicle batteries for strengthening their positions."